Zambia’s De-Dollarization Effort Gives Fresh Impetus to Kwacha Rally

Zambia’s kwacha traded near the highest in more than two years, as a government order to curb the use of foreign currencies in domestic transactions prompted traders to sell the greenback.

The currency rose as much as 0.9% against the dollar, extending last year’s rally fueled by buoyant copper prices, Zambia’s main export. It later pared that rise to trade 0.4% higher on the day, having strengthened more than 2% this week.